Today, MPs N.Batbayar and S.Byambatsogt presented their draft amendment in the Mineral Law of Mongolia to the Speaker S.Demberel.
The draft amendment was to instate uniform of term up to 15 years to every IA instead of 10, 15, 30 years steps. The presentation states that the comments and findings of the working group were to shorten the investment agreement term meets with the international standards, according to the advice of scholars, professional institutions in the mining sector. It also brings forward the average term of the agreement in the well developed countries in mining industry.
The draft amendment will cause negative impacts in the society and economy of the country, it will bring more transparency in the mining projects after IA is signed, says MPs.
Speaker S.Demberel received the draft amendment and informed that it will be added in the list of issues to be discussed in the fall session of SGK.
Source: Press Department of the State Great Khural